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  • Offshore Legal & Tax Consultants

    Dominica Offshore

    EST. 1996

Dominica Offshore Company Formation

Dominica Offshore Company (IBC)

The Commonwealth of Dominica (not to be confused with the Dominican Republic) is located in the Eastern Caribbean offers attractive offshore formation opportunities for potential foreign individuals and companies. Dominica currently offers a broad range of offshore services, the most popular product being the International Business Company (IBC), also known as an offshore company or a non-resident company.

The International Business Companies (IBC) Act passed in 1996 offers progressive legislation with a flexible structure and formation process. Since then, Dominica has experienced rapid growth in the offshore sector due to its liberal legislation, quick incorporation procedures and low government formation fees.The Dominica IBC offers individuals fully tax exempt status, with zero obligations on financial reporting and low fixed annual fees for licensing.

As an offshore jurisdiction, Dominica is quickly becoming one of the world leaders in offshore business services. 
For more information on the Advantages of Dominica as an Offshore Financial Center, click here.

Table of Contents:

dominica ibc offshore company

Advantages Dominica Offshore Company

There are a number of advantages given to individuals and companies who choose to incorporate in Dominica, including:

  • Flexible requirements - With respect to capitalization, shareholders, directors and shares of the company
  • Efficient business regulations - Fast incorporation, straightforward registration procedures, no limitations to the share capital value and currency, no requirements of minimum paid-up capital
  • No financial reporting requirements -  Financial statements are not made available to the public
  • Flexible legislation - Allows for multiple uses of a Dominican offshore company
  • High Confidentiality and Privacy - Names of directors and shareholders are not made public. Additionally, nominee shareholders and directors are also available in Dominica, providing yet another layer of privacy
  • Asset security and protection - Maintained via provisions that restrict seizure, expropriation or confiscation of assets by foreign authorities or creditors

Dominica’s offshore jurisdiction enables companies and individuals to take advantage of numerous other benefits including:

  • Zero tax
  • Political and economic stability
  • Absence of exchange, currency and capital controls
  • Absence of tax treaties
  • Modern and simple incorporation laws and procedures
  • Excellent communications and transportation systems
  • Superior banking and professional services
  • An English Common Law System
  • English speaking country
  • Minimum disclosure requirements
  • Currency diversification
  • Limiting personal liability
  • Reduction in transaction costs

   

What We Offer? Offshore Protection provides offshore strategies to restructure your business and assets. See our services for more or get in touch and see if an offshore plan is right for you.

   

  
 
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Top Uses

Due to Dominica’s progressive IBC legislation, incorporation procedures are both easy and flexible, making an IBC a useful tool for many different business activities.

The formation of an IBC can be made for any legal purpose and for any legal activity, except for the banking and insurance sectors. An IBC can be used for any commercial enterprise, including but not limited to:

  • Offshore savings and investments
  • Manufacturing
  • Transportation
  • Trade and distribution
  • Forex and stock trading
  • E-commerce
  • Professional service company

In order to carry out certain activities, proper licensing is required for:

  • Online casino and other online gaming
  • Ship management and other maritime operations
  • Owning and lease of yacht and vessels

Dominica Company Key Corporate Features

Dominica IBC Corporate Details
General  
Type of Entity IBC
Type of Law Common
Governed by International Business Companies (IBC) Act 1996
Companies Act 1994
Offshore Banking Act 1996
Registered Office in Dominica Yes
Shelf company availability Yes
Our time to establish a new company 1-2 Days
Minimum government fees (excluding taxation) $405
Corporate Taxation Exempt for 20 years
Access to Double Taxation Treaties No
Share capital or equivalent  
Standard currency US Dollar
Permitted currencies Any
Minimum paid up $100
Usual authorized No Limit
Bearer shares allowed Yes
No par value shares allowed Yes
Directors  
Minimum number One
Local required No
Publicly accessible records No
Location of meetings Anywhere
Corporate directorship allowed Yes
Shareholders  
Minimum number One
Publicly accessible records No
Corporate shareholder allowed Yes
Location of meetings Anywhere
Company Secretary  
Required No
Local or qualified Not required
Accounts  
Requirements to prepare Yes
Audit requirements No
Requirements to file accounts No
Publicly accessible accounts No
Recurring Government Costs  
Minimum Annual Tax  $405
Annual Return Filing Fee Nil
Other  
Requirement to file annual return No
Migration of domicile permitted Yes

Dominica Company Formation Package Includes

  1. Government Registration Fee (First year)
  2. Registered Office Address (First year)
  3. Registered Agent Services (First year)
  4. Company Secretarial Maintenance
  5. Certificate of Incorporation
  6. Memo & Articles of Association
  7. Appointment of 1st Directors
  8. Consent Actions of the BOD
  9. Share Certificates
  10. Register of Directors
  11. Register of Officers
  12. Register of Shareholders
  13. FREE Phone and/or email consultations

How to Setup a Dominica Company?

There are very few requirements in order to set up a Dominica IBC:

  • A single individual can set up an Dominica IBC with just one director and one shareholder to set up an offshore company (the director can be the same person as the shareholder)
  • Certified copy of identification pages of passport
  • Police clearance certificate

Document Requirements to Incorporate

In order to set up a Dominica company, a few documents will be needed:

  1. Register and secure the name of the proposed company
  2. Memorandum and Articles of Association
  3. Certificate of Incorporation
  4. Appointment of a company director(s)
  5. Registry of members and directors
  6. Share Certificate(s)

offshore company

Dominica Company Corporate Taxation

Individuals and companies interested in establishing a Dominica offshore IBC benefit from a number of tax incentives including:

  • Tax exemption from all taxes for a minimum period of twenty years
  • Tax exemption from all income generated through an IBC including dividends, royalties, capital gains, inheritance, and rents
  • There are no exchange controls on the movement of funds by IBC's and there is unrestricted operation of bank accounts
  • Dominica is not party to any double tax treaties

Dominica Offshore Company Corporate Details

Privacy

The IBC Act makes it an offence for anyone to reveal any information regarding a Dominica corporation, except under criminal investigations through a court order. The affairs of any offshore IBC can only be looked into when its principal is found guilty of a crime in his/her country of residence and only if that offence is deemed criminal in the offshore jurisdiction had the same act been committed there.

Tax Treaties and exchange of information

Double Taxation Treaties have been signed with:

Switzerland, Antigua and Barbuda, Barbados, Belize, Grenada, Guyana, Jamaica, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Trinidad and Tobago, Australia, Belgium, Canada, Denmark, Faroe Islands, Finland, Greenland, Iceland, Netherlands, New Zealand, Norway, Portugal, Sweden, UK, and USA.

Exchange controls

There are no foreign exchange controls and the US dollar is allowed to circulate freely throughout the economy.

Type of Law

Dominica’s legal system is based upon British Common Law.

Principal Corporate Legislation
  • International Business Companies (IBC) Act 1996

  • Companies Act 1994

 

Other Offshore Legislation
  • International Exempt Trust Act 1997

  • Offshore Banking Act 1996

 

Restrictions to Business Activities

An IBC is restricted from conducting business in Dominica as well as any activities that include real estate banking, trust, or in insurance sector unless the appropriate license is granted.

Corporate Business Relations Allowances
  • Make and maintain deposits in Dominica

  • Engage professional services in Dominica

  • Hold shares, debt obligations or other securities in a company owned by a resident, locally registered company or one incorporated through the Local Companies Act.

 

Powers of Company

An IBC is given all rights, powers and privileges of an individual.

Name Restrictions

Restricted names are any that suggest the patronage of the Royal Family, the government, political party, university, professional association, or any names that may considered to be objectionable or that have already been taken.

Language of Name

Any language or alphabet, but if not in English a translation is required.

Suffixes to Denote Limited Liability

An IBC name must indicate Limited Liability, ex. Ltd, Corp.

Documentation Requirements

Copies of Articles of Association, Memorandum of Association, and Certificate of Incorporation, must be kept at the Registers office, though the register is not available to the public.

Shares

Shares may be issued: with or without par value, can be issued as registered or in a bearer form, can be issued for consideration other than money and without par value.

Incorporation time frame

1-2 working days
dominica ibc product flag

Dominica Company Formation FAQ

Why do businesses register a company in Dominica?

Businesses register a company in Dominica because international corporate structures provide asset protection and tax reduction possibilities that are found only in non-resident legal structures. Dominica offers both a safe and stable jurisdiction with a favorable tax regime for non-resident companies giving companies a business-friendly corporate environment. 

The government and regulatory bodies seek to attract regional and international businesses by providing business-friendly policies to attract investors and entrepreneurs into the country.

How much does it cost to start a company in Dominica?

Dominica company registration costs vary, which is why we do not include them on our website. Prices depend on the legal and corporate services required, as well as secretary, auditing and signatory services which are often needed (though not always) if you are incorporating a non-resident company.

Registration and incorporation fees for 1st-year companies vary anywhere from 1000-5000USD with 2nd-year fees ranging anywhere from 500-2000USD. However, even these figures are not always the case, as all of this depends on the services required, so beware of any service provider that states their fees exactly, as you will be disappointed in seeing that number change. Get in touch for a price quote.

Can I open a business bank account for my company in Dominica?

Opening a business bank account is definitely possible and is one of the main reasons why businesses open a foreign corporation in the first place. However, it often can be the most challenging part of any offshore incorporation process because of the requirements and documents needed in order to satisfy Anti Money Laundering (AML) and Know Your Customer (KYC) laws.

That being said, some jurisdictions are harder than others and we will assist you through the entire process.

Can Offshore Protection create a company for me?

Yes, we can! Offshore Protection has been establishing companies around the world for nearly three decades. We have engaged in client legal and corporate services, including opening companies, offshore trusts, getting financial licenses, and accounts in dozens of countries around the world. Get in touch to find out more.

Dominica IBC Company Formation with Offshore Protection

Join thousands of satisfied clients who have experienced the Offshore Protection advantage for more than 25 years. When you purchase any offshore company formation product from us, you'll get FREE support from our lawyers to help answer your overseas company day-to-day management questions.

Start the Dominica Incorporation process with Offshore-Protection today. Order a Dominica IBC with or without a bank account. 

  

  
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*Note for U.S. citizens: US citizens are limited in their tax reduction possibilities due to FATCA and CFC laws. Opening an offshore company can increase privacy and asset protection, but you can not eliminate your taxes without giving up your citizenship. If you are a US citizen you are obligated to pay taxes on all worldwide income. Read more here about FATCA and CFC laws.

 

 

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Disclaimer: Offshore Protection strives to keep information on this website updated, however, laws and circumstances are subject to change. All information on this website is for reference purposes only and does not constitute legal or tax advice. Contact an Offshore Protection representative for specific advice regarding your situation.



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